LIMRA’s Post

This report should be a big wake up call for the life insurance industry. J.D. Power is out with their 2024 Individual Life Insurance Study, and it is full of some really eye opening statistics. 👉 29% of life insurance customers say they “strongly agree” their insurer makes complex policies simpler. 👉 61% say their agent or advisor explains things in terms they can understand (that number falls to 57% for Gen Z respondents). 👉 Fewer than three-fourths (72%) of life insurance customers say their policy completely meets their future needs. These numbers should be 100% across the board. But the life insurance industry consistently aims to make things more complicated for the sake of looking more sophisticated or, at times, to create a bit of smoke and mirrors. Rather than binders full of endless jargon and illustrations designed to look more complex than need be, the industry should focus on providing clear, direct, and easily understandable materials that allow customers to make better decisions. Education should also be a key focus for producers and carriers. Too many jump right to making the sale without giving the consumer the materials and background they need to understand proposals and feel more confident in their decision making. #lifeinsurance https://lnkd.in/eH8U6jT5

See below from Peter Dziedzic Worth following for the insights. If you're in life insurance, see where the gaps are in the J.D. Power Survey for 2024.

How do we know whether to advise single or joint life insurance policies? One of the questions I often get when I'm training advisers is “Kathryn, I've got this situation, I really want to advise them to have single life insurance policies as a couple. But, as it's for a mortgage, it should really be joint insurance, shouldn't it?” And the answer is yes, Compliance will often say it should be joint. But there may well be a case for offering 2 single policies instead, especially if critical illness cover is attached to the plan as well. This is because it’s increasingly common that two people would each need to claim on a critical illness policy. Securing single policies means that each of them would have the potential to make a claim. To be compliant, we’d need to make sure that we'd also given our clients the joint pricing, and that we’d clearly explained the joint policy would be cheaper. As an industry there have been many calls to move away from the automatic joint policy mindset because we’ve seen instances of people being subject to economic abuse. And things like joint policies, unfortunately, can play a part in that and prolong that abuse happening. So always consider whether joint life insurance policies are the best option for your clients. #LifeInsurance #FinancialPlanning #MortgageProtection

There seems to be a million and one different life insurance sales strategies out there, but one that has been a proven success for countless agents all over the country is Randy Thompson’s renowned “Stairs and Buckets” approach. Join us on Wednesday, October 30, 2024 @ 2:00 PM Eastern (1:00 PM Central / 11:00 AM Pacific) as we welcome Randy back for this next session “Stairs and Buckets: The Proven 8 Step Process to Boost Your Life Insurance Sales" (hosted by Chandler Hahn). REGISTER NOW: https://lnkd.in/eKCg8K2f In this webinar, Randy will walk you through each part of his unique 8 step “stairs and buckets” approach to selling life insurance. This strategy has helped so many agents significantly improve their life sales production and enable them to get producers selling new life policies quicker than ever before. Join this lifetime President’s Club member as he shares his systematic approach to beating your life insurance sales goals! Randy’s presentation will help you rethink how your team sells life and give you the foundations to deploy this powerful “stairs and buckets” system. Webinar: "Stairs and Buckets: The Proven 8 Step Process to Boost Your Life Insurance Sales” with Randy Thompson (hosted by Chandler Hahn) Wednesday, October 30, 2024 @ 2:00 PM Eastern (11:00 AM Pacific)  Register Now: https://lnkd.in/eKCg8K2f #insurancetips #insurancewebinar #insuranceagency #insuranceagencyowner #insuranceproducers #insuranceagents #insuranceagent #insurancesales #lifeinsurance #lifeinsurancesales #insurancereagencygrowth #insuranceleadership #insurancesales #InsuranceAgentTips #insuranceleads #insurance #everquote #everquotepro

We know things are well in the U.S. life insurance market....but how about up north? 🇨🇦🫎 Total Canadian life insurance new annualised premium jumped 4% to (CAD) $478 million in the third quarter of 2024, according to LIMRA’s Retail Canadian Life Insurance Sales Survey. During Q3’24, policy count dropped 17%, which was largely due to term life sales declines. John Carroll , senior vice president and head of Life & Annuities, LIMRA and LOMA , commented: “Strong economic conditions have propelled permanent life insurance sales in the third quarter. Both participating whole life and universal life recorded substantive gains as consumers look to protect investment growth. LIMRA is projecting this trend to continue through 2025.” Focusing on whole life, new annualised premium climbed 9% to $324 million in the third quarter of 2024. While the number of whole life policies sold fell 1%. Meanwhile, for the second consecutive quarter, universal life (UL) new premium witnessed notable improvement, rising 7% to $63 million in the third quarter, compared to the prior year’s results. For more on the Canadian numbers, read more: https://lnkd.in/emQd8kRh #lifeinsurance

There seems to be a million and one different life insurance sales strategies out there, but one that has been a proven success for countless agents all over the country is Randy Thompson’s renowned “Stairs and Buckets” approach. Join us on Wednesday, October 2, 2024 @ 2:00 PM Eastern (1:00 PM Central / 11:00 AM Pacific) as we welcome Randy back for this next session “Stairs and Buckets: The Proven 8 Step Process to Boost Your Life Insurance Sales" (hosted by Chandler Hahn). REGISTER NOW: https://lnkd.in/eKCg8K2f In this webinar, Randy will walk you through each part of his unique 8 step “stairs and buckets” approach to selling life insurance. This strategy has helped so many agents significantly improve their life sales production and enable them to get producers selling new life policies quicker than ever before. Join this lifetime President’s Club member as he shares his systematic approach to beating your life insurance sales goals! Randy’s presentation will help you rethink how your team sells life and give you the foundations to deploy this powerful “stairs and buckets” system. Webinar: "Stairs and Buckets: The Proven 8 Step Process to Boost Your Life Insurance Sales” with Randy Thompson (hosted by Chandler Hahn) Wednesday, October 2, 2024 @ 2:00 PM Eastern (11:00 AM Pacific)  Register Now: https://lnkd.in/eKCg8K2f #insurancetips #insurancewebinar #insuranceagency #insuranceagencyowner #insuranceproducers #insuranceagents #insuranceagent #insurancesales #lifeinsurance #lifeinsurancesales #insurancereagencygrowth #insuranceleadership #insurancesales #InsuranceAgentTips #insuranceleads #insurance #everquote #everquotepro

In the past few years, I have noticed life insurance companies becoming more stringent in issuing term insurance policies. The reason is that term insurance policies carry high risk as you get very high coverage with a small yearly premium. Depending on the adverse findings during the underwriting process, your life insurer could either ask you to pay an extra premium or deny you coverage. This could be for various reasons. Adverse health findings such as elevated sugar levels or off-the mark lipid profile or lifestyle issues such as smoking. Were you denied life insurance cover in the recent past? Here are the options you have. Life insurers usually postpone cases for 6 months; they do not decline them outrightly (at least on paper). So, you can apply again for term insurance coverage after 6 months from the date of decline. What can you do if you want to get term coverage in this situation? Work on yourself, consult a doctor, and make necessary lifestyle changes. If you have just found out that you have a lifestyle-related health condition, chances are that you will get back on track in 6 to 12 months. Once you are sure that your condition is reversed, apply for term insurance again. Do not waste time and effort in applying for another term plan from another company. The new insurer will find out through its internal sources that your previous application was declined, and most likely the cycle will repeat. #terminsurance #underwriting 

New annualized life insurance premiums took a dip in Q1, according to LIMRA reports. Discover the factors behind this decline and what it means for the industry. Read more here. https://bit.ly/4dKA4Th

🏠 Selling your life insurance policy is a lot like selling your home—structured, transparent, and designed to maximize value. Let’s take a closer look at what happens at each stage of the life settlement process. 1️⃣ Complete a Simple Questionnaire – This form authorizes us to collect the medical and insurance details we need to assess the value of your policy. It's quick, easy, and sets the foundation for everything that follows.  2️⃣ Request an in-force Illustration – Think of this as the blueprint for your policy. It shows its current and future performance under different scenarios. Don’t worry—if you're not sure how to request this from your insurance company, we’ll handle the details for you.  3️⃣ Gather Medical Records – We’ll obtain your medical history from the past five years (no exams needed!) to evaluate the insured’s health.  4️⃣ Assemble the Data – At this step our team gets to work analyzing every detail.  5️⃣ Engage in Competitive Bidding – Here’s where the magic happens. We connect with multiple buyers using our specialized bidding process to generate the highest possible offer for your policy.  6️⃣ Review Offers & Make a Decision – Once the bidding is complete, you’ll review the offers with our guidance. There’s no obligation to accept an offer. 7️⃣ Finalize the Sale – If you accept an offer, documents are prepared, and once the necessary signatures are obtained, funds are deposited into escrow. 💡 This process usually takes about four months, but we keep you informed every step of the way. You’ll never be left wondering where things stand. 📞 Ready to unlock the value of your life insurance policy? Call me at (617) 451-3343 or 📧 email robin@lisettlements.com to get started! #LifeSettlements #StepByStep #FinancialFreedom #ExpertGuidance #UnlockValue Life Insurance Settlements, Inc.

Addressing the life insurance gap isn’t just about closing coverage—it’s about building stronger client relationships and growing your advisory business. With nearly one-third of Canadians underinsured, Co-operators highlights strategies for advisors to engage clients effectively. Whether you choose to specialize in a niche market or take a broader approach as a generalist, the right strategy can help you stand out and deliver tailored solutions. Discover how Co-operators can support your journey with resources to help you succeed in a dynamic market. https://hubs.la/Q030F3Sz0 #LifeInsurance #ClientEngagement #FinancialAdvisors #BusinessGrowth